X-O Liberty SIPP new charges

clivep

SIPP annual fee up from £120 + VAT to £145 + VAT (more than 20% increase).

UFPLS payment x 1 up from £25 + VAT to £100 + VAT (300% increase!!!).

A couple of years ago Jarvis introduced their own Jarvis SIPP (administered by Gaudi) with the management fee refunded if you have a X-O share dealing account linked to your SIPP. They offered no special arrangements to transfer the existing X-O SIPP to the new one so mine is still administered by Liberty.

I've not so far (and may never) taken any benefits from the X-O SIPP but one reason for not transferring to their new SIPP was that the UFPLS was much cheaper with the old one, but this is no longer the case. With the new pricing I'll have to look again at the costs involved in transferring.

In a previous thread from March 2015 it was said...

wrote:

To clarify the situation regarding the new transfer charges, X-O Liberty have now stated that the £ 50.00 "In Species" stock transfer charge covers ALL the lines of stock, NOT per line of stock. So regardless of whether it's one line or twenty lines, the charge is still £ 50.00. This covers both Liberty & Jarvis charges.
On this basis, under the new charges schedule, a transfer out to a new U.K. provider will cost £100 + VAT for the "In Cash" portion, plus £50 + VAT for any "In Species" portion. Total £150 + VAT.

Nailing this clarification down has taken quite a number of emails & 'phone calls to Liberty & Jarvis, so I hope that it's of some use to clivep, kidmugsy et al.

However, I note that the new SIPP fees are still showing:

SIPP closure £100
Cash transfer to a UK pension scheme £100
Transfer out in-specie (each asset)* £50
*This fee will be charged if you would like to transfer any part of your SIPP in-specie and will be in addition to the cash transfer out fee. All charges are subject to VAT.

Can anyone who has gone through the experience please confirm whether or not the total transfer out cost was indeed £150 + VAT.

Brynsam

The only way to be certain is to get direct confirmation, in writing, from the SIPP provider. Answers given on this board aren't binding on your provider.

Thrugelmir

After some "interesting" news coverage on Liberty and a progressively deteriorating level of customer service. I took the leap of faith and moved to Gaudi in 2016. Cannot remember what the charges were back then. However the fee free annual charge on the new SIPP was soon going to pay back.

Transfer wasn't painless. Something that Liberty seemed the biggest culprits of.

One positive of the Gaudi offering. Is the online account. Which makes the experience far more transparent. Customer service so far has proved satisfactory.

Shedman

I also am appalled by the X-O Liberty SIPP fee increases. I spoke to the XO SIPP Admin team about transferring to Gaudi SIPP and was given a fairly clear steer that transferring in specie could take several months whereas an in cash transfer would be more like a few weeks. I didn't ask about how the in-specie transfer works as I only have one holding (around £50k in an ETF) and given the likely difference in time frames I am likely to sell up and transfer in cash. I am also tempted to go to HL as, although the annual fee would be more, as they don't charge drawdown fee and I am likely to into drawdown next year or year after I would probably recover it over time anyway (plus I like the simplicity of dealing with HL). Very disappointed with XO given the hikes in their fees over the last 4 years given it was initially 'sold' as a low cost SIPP.

Thrugelmir

Shedman wrote: »

I spoke to the XO SIPP Admin team about transferring to Gaudi SIPP and was given a fairly clear steer that transferring in specie could take several months whereas an in cash transfer would be more like a few weeks.

At the time I transferred I had some 34 different holdings. From an X-O perspective at face value. Resulted in little more than a new account. With two running on parallel until all dividends etc were paid and received.

Very disappointed with XO given the hikes in their fees over the last 4 years given it was initially 'sold' as a low cost SIPP.

One can only summise why the relationship between Jarvis and Liberty broke down. With the new offering from XO, safe to assume that Liberty lost out. With the loss of both new and existing business.

clivep

I've just emailled Liberty to clarify their new transfer out fees.

The new fee structure shows "Transfer out in-specie (each asset) £50". This wording was initially used for the April 2015 fees but then corrected to show "Transfer in-specie fee (non-cash) £50" to reflect the fact that the £50 fee was for ALL the lines of stock, NOT per line of stock.

The current fee structure I have is the one effective from 6th April 2016 which also shows "Transfer in-specie fee (non-cash) £50". Together with the additional cash transfer out fee of £100 means the total fee to transfer out my SIPP with 20 lines of stock would currently be £150.


I have asked them to confirm whether or not the total transfer out cost would still be £150 with the new fee structure after 6th April 2018.


I have also said that these new fees represent a material disadvantage to me and in such cases there is usually a period of a few weeks from notification in which the normal exit fees are waived. Their email did not say anything about what to do should I wish to reject the new fee structure. As I now wish to reject the new fees and transfer my SIPP to the X-O Jarvis SIPP I have asked them to confirm whether or not they are prepared to waive the £150 transfer out fee.

olbas_oil

I am in a similar position. I can see the Fee Schedule from 2016 http://www.libertypensions.com/downloads/xo-sipp-fees-2016.pdf

and the 2018 schedule that they have just sent. Was there a 2017 version?

stphnstevey

Thrugelmir wrote: »

At the time I transferred I had some 34 different holdings. From an X-O perspective at face value. Resulted in little more than a new account. With two running on parallel until all dividends etc were paid and received.



One can only summise why the relationship between Jarvis and Liberty broke down. With the new offering from XO, safe to assume that Liberty lost out. With the loss of both new and existing business.

How is the new Gaudi provider and XO SIPP going?
I ask as I am considering opening one

I have a trading account, which seems a little "clunky" but functional. Do you have access to all the investments you want? Is there any tips or anything to be aware of with XO?

The opening and transfer fees refund from Jarvis appears to mean no ongoing fees beyond trading fees, which ultimately could mean a very cheap ongoing SIPP. But it seems you might have been here before with XO....

Jarvis appears to have a solid financial history. Gaudi seem a very small player in comparison.

clivep

olbas_oil wrote: »

I am in a similar position. I can see the Fee Schedule from 2016 http://www.libertypensions.com/downloads/xo-sipp-fees-2016.pdf

and the 2018 schedule that they have just sent. Was there a 2017 version?

To my knowledge there was no 2017 version and I've not come across one in the searches I've done. They certainly didn't inform me about one. Therefore the current one as far as I'm concerned is the 2016 version which would give an in-specie transfer out charge of £150 regardless of the number of lines of stock.

In addition to emailing Liberty, I've also emailed Gaudi and X-O asking whether to open the new SIPP now or wait for an answer from Liberty - I also attached a copy of the mail I sent to Liberty.

I'll post on here when I get any replies.

olbas_oil

Thrugelmir wrote: »

At the time I transferred I had some 34 different holdings. From an X-O perspective at face value. Resulted in little more than a new account. With two running on parallel until all dividends etc were paid and received.
.

When you moved, did you pay the single £50 fee (or was it £1700)? If so did you have any correspondance with them?

trevman

olbas_oil wrote: »

I am in a similar position. I can see the Fee Schedule from 2016 http://www.libertypensions.com/downloads/xo-sipp-fees-2016.pdf

and the 2018 schedule that they have just sent. Was there a 2017 version?

Fees for following years;
As at April 2015 = x-o.co.uk/wp-content/XOSIPP%20FEE%20Schedule.pdf
As at April 2016 = x-o.co.uk/wp-content/uploads/JARV3168%20X-O%20SIPP%20Fee%20Schedule%20AW.pdf
As at April 2017 = x-o.co.uk/wp-content/uploads/JARV3192%20X-O%20SIPP%20Fee%20Schedule%20AW.pdf